These electric car startups look to take on Tesla


It’s not just Nikola (who took the other half of the name of the inventor Nikola Tesla), who briefly overtook Ford in terms of market value, although it never produced a vehicle for sale. But there is also Rivian, Fisker, Byton, Faraday Future and many more. Some are more established than others and some are more advanced in their product cycles.

Most of these companies remain completely out of the sedan market – despite Tesla’s success with the S and Model 3s – opting instead for trucks, crossovers, or vehicles that blur the lines between traditional categories.

Here’s a look at the increasingly crowded electric vehicle startup world and what’s to come.

Los Angeles-based Fisker plans to start selling its Ocean crossover SUV in 2022 for around $ 40,000. It’s about the same price as Nissan’s next electric SUV, the Ariya, and about $ 10,000 less than the Tesla Model Y, which starts at around $ 50,000

You might recognize the Fisker name from founder Henrik Fisker’s previous company, Fisker Automotive, which made the radically swoopy Fisker Karma plug-in hybrid sedan. Fisker Automotive went bankrupt a few years ago, but various assets – including some unassembled Karmas – were bought out by Chinese investors who started a new business, Karma Automotive. The new improved version of the old Fisker car by Karma is now called Karma Revero.

Earlier this week, Fisker’s new company, Fisker Inc., announced a $ 2.9 billion deal with private equity firm Apollo Global Management, which would allow it to become a publicly traded company. The deal is expected to be finalized in the fourth quarter of this year.

Rivien

Rivian is one of Tesla’s best-known future competitors. Ford and Amazon are among its biggest investors, and Rivian recently raised additional funding of $ 2.5 billion. Before that he had raised a few $ 700 million in one turn and $ 500 million in another round earlier.

Rivian said he plans to start producing his off-road pickup, the R1T, and SUV, the R1S, next year.

Rivian, based in Michigan, will also be busy producing electric delivery vans. In addition to its hundreds of millions of dollars of investment, Amazon also placed an order for 100,000 Rivian electric delivery vans to help start the car.

Nicolas

Nikola Badger

Nikola’s major projects mainly concern semi-trailers, both purely electric and hydrogen.

Nikola also plans to produce a van called Badger, which the company says will run on both electricity stored in batteries and electricity produced from compressed hydrogen. This combination, the Arizona-based company claims, will allow the Badger to travel a total of 600 miles before it needs to be recharged or recharged.

The Badger is supposed to be produced in cooperation with a major automaker, Nikola said, but no deal has yet been announced.

Nikola’s stock was recently listed on the Nasdaq Stock Exchange through a reverse merger, a process that has historically received criticism on a lack of transparency for investors compared to a traditional initial public offering. Nikola’s share price hit nearly $ 80 just after the company started going public. It is now trading around $ 55 per share.

Faraday future

Faraday Future FF 91

Los Angeles-based startup Faraday Future takes its name from Michael Faraday, a 19th-century British scientist who described electromagnetic induction, one of the basic principles that make electric motors work.

Faraday (the company) made a splash in 2017 when it unveiled its first electric vehicle, the FF 91, a luxury sedan that Faraday says is designed for autonomous driving. But progress has been slow since then. Founder YT Jia filed for bankruptcy in October 2019, but reached an agreement with creditors this month.

Deliveries of the FF 91 are expected to begin about nine months after a fundraiser ends, according to the company. Faraday has announced plans to produce FF 91 in Hanford, Calif., But it is not yet known if this will materialize.

Byton

Byton M-byte
This Chinese company said he plans to build a mid-size electric SUV that would have a 48 inch horizontal screen across the entire width of the dashboard. There’s also an iPad-sized touchscreen on the steering wheel, which will remain motionless while you turn the steering wheel.

Byton also said the car could be controlled with hand-in-the-air gestures and voice commands, features similar to those already found in cars made by BMW.

But Byton has suspended operations for the foreseeable future, a move that a spokesperson said was a byproduct of the pandemic’s impact on fundraising. The company does not know when production of the car could begin.

Lucid

The Lucid Air will cost over $ 100,000.
Lucid Motors CEO Peter Rawlinson was previously the chief engineer of Tesla’s Model S. he left the role in 2012.

Lucid Motors, which was founded in 2007, plans to unveil a luxury vehicle called the Air in September that it has dit will have a range of more than 400 miles and be able to go from zero to 60 miles per hour in less than 2.5 seconds. The company said the car will cost over $ 100,000.

Lucid began construction on its manufacturing facility in Casa Grande, Arizona, in December 2019, and it is expected to complete the first phase of the building later this year. It has another suitable location to develop a single vehicle.

The startup has raised more than $ 1 billion from the Saudi public investment fund.

Lordstown

Lordstown Motors Endurance
Lordstown Engines is developing a $ 52,500 electric pickup truck, called Endurance, intended for commercial fleets. The startup plans to build its truck at a former GM plant in Lordstown, Ohio, using some of the equipment that was used to make the Chevrolet Cruze.

Lordstown Motors is unique because of its controversial decision to use motors located in all four wheels of the pickup, called hub motors. He also stood out for catching the attention of the Trump administration, as Vice President Mike Pence spoke at the Endurance unveiling last month, praising it as a symbol of American manufacturing. .

The company has received a $ 40 million emergency loan from GM and is trying to raise $ 450 million to begin production of the Endurance at a rate it says will be profitable.


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